Inverness-based Tulloch Homes has reported a return to profit for the 2013 year as revenues rose 5.2 per cent to £44.6 million.

The house builder, reporting top line results in lieu of full-year accounts being filed with Companies House, has booked a pre-tax profit of £2 million - before exceptional items – for the 2013 year to June 30.

Tulloch Homes had reported a pre-tax loss of £17.7 million for the 18-month reporting period to June 30, 2012 on turnover of £45.07 million, which had included an exceptional stock provision £21.6 million.

The company had extended its 2012 financial year by six months to reflect a £50 million debt-for-equity refinancing deal with lender Lloyds Banking Group.

Investment bank Goldman Sachs and private equity group TPG Capital acquired Lloyds' 40 per cent stake in Tulloch as part of a larger £1.2 billion loan portfolio named Project Lundy, in a deal which was cleared by the European Commission in April, 2013.

Tulloch said it built 175 homes in the 2013 year, mostly ranging from one to four-bedroom, and predominantly within the Inverness and Highland region, with sales growth helped by improvements to mortgage funding.

Average unit sales prices in the year were £200,000, the company said.

Tulloch said the introduction of Help to Buy (Scotland) mortgage guarantee scheme had no material impact on 2013 results due to having launched on September 30, 2013.

Tulloch said it had added 34 new staff within the fiscal year – the first hires in five years - taking its total number of employees to 150.

Post balance sheet, Tulloch announced in October it had acquired a parcel of land in Inverness in a multi-million pound deal for what is a proposed 400 home development which it estimated would cost around £80 million to develop.